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Present entries to record the following summarized operations related to production for a company using a...

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Accounting

Present entries to record the following summarized operationsrelated to production for a company using a job order costsystem:



A. Materials purchased on account - $219000

B. Prepaid expenses paid by cash - $12,200

C. Materials requisitioned:

For production orders - $153,700

For general factory use - $2,700

D. Company labor for month:?
Direct Labor - 141300
Indirect Factory Labor-12000
Sales Salaries-8000

Office Salaries-5000
E. Depreciation on factory equipment - $37,000

F. Expiration of prepaid expenses, Chargeable to factory -$6,100

G. Factory overhead costs incurred on account - $67,000

H. Factory overhead applied at 135% of direct labor - ?

I. Jobs finished - $415,300

J. Jobs shipped to customers: cost, $412,000;

Selling price - $638,000

Answer & Explanation Solved by verified expert
4.4 Ratings (770 Votes)

Journal Entries
Events Particulars Debit Credit
A) Materials $ 219,000.00
To Accounts Payable $ 219,000.00
B) Prepaid Expense $   12,200.00
To Cash $   12,200.00
C) WIP $ 153,700.00
Factory OH $     2,700.00
To Materials $ 156,400.00
D) WIP $ 141,300.00
Factory OH $   12,000.00
Sales Salaries $     8,000.00
Office Salaries $     5,000.00
To Wages Payable $ 166,300.00
E) Factory OH $   37,000.00
To Accumulated Depreciation $   37,000.00
F) Factory OH $     6,100.00
To Prepaid Expense $     6,100.00
G) Factory OH $   67,000.00
To Accounts Payable $   67,000.00
H) WIP $ 190,755.00
To Factory OH $ 190,755.00
($ 141300 x 135%)
I) Finished Goods $ 415,300.00
To WIP $ 415,300.00
J) Cost of Goods sold $ 412,000.00
To Finished Goods $ 412,000.00
Accounts Receivable $ 638,000.00
To Sales $ 638,000.00

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